A Vimeo user who goes by the handle WayDownEast thinks so, and has made a 50-minute compilation of the sitcom’s most questionable moments, from the running gag about Joey and Chandler living together (and hugging) to the constant jokes about Ross’s lesbian ex-wife, Carol. Looking back, it’s amazing that so much of show’s humor revolved around homoeroticism and/or LGBT stereotypes — although, to be fair, it’s difficult to argue that Friends was intentionally homophobic when it also weathered a great deal of controversy over an episode where Carol marries her partner, and many of the clips included never cross the fine line between equal-opportunity humor and bigotry.

http://vimeo.com/25309948

I think when people look at a TV show they tend to see what they want to see. So some people may look at "Friends" and see it as homophobic others my well look at it and see it as having a very positive outlook on homosexuals. After all there was a lesbian couple (Ross's ex-wife and her partner) that were supporting characters on the show.

The creators of "Friends" were quite famously liberal in their politics, so I really doubt there was any homophobic intent to the show. It played with the perceptions of the characters, such as Joey and Chandler, and it wasn't poking fun at being gay per se, it was poking fun at the characters' attitudes toward even the 'hint' of same sex intimacy.

I don't see it, honestly.